Buying a FSBO - Recommend using a Realtor?

Question

I have just started purchasing properties earlier this year and my first 3 were on the MLS using a realtor. Yesterday I had my first verbal accepted offer on a FSBO house but have never purchased a property without my Realtor.

1) Should I tell my Realtor about the property and get an official signed offer? I'm not willing to purchase the property if the owner bumps the price 3% to cover his cost.

2) How does one go by purchasing a property without a Realtor?  Would this be recommened for a newbie?

Since this has happened so fast I haven't had the time to dig into this while I'm sitting here at work today. Any helpful recommendations would be greatly appreciated!

Account Closed · Answer

absolutely not, do not get a realtor involved. call a title company. they do everything that a realtor would do including closing..... only difference is you actually have to use a title company involved even if you add a realtor to the mix.

- Title companies are vary familiar with FSBO transactions and typically will take over the transaction and walk both of you through very easily and painlessly.

- they will give you both a contract to officiate the sale between the buyer and seller (no need to make one up yourself although i have done so, many free ones available online and if your half decent at contact law it is not that complicated to make it legally binding, your title company would review it  anyway to ensure accuracy.)

- they will coordinate with the buyer for appraisals, termite inspections, coordinate with their mortgage lender, earnest deposits, etc.

- they will be the primary contact, so after you and the buyer have settled on the price and contact a title company, they do all the rest of the work! and for a very reasonable fee that you would have to pay regardless with closing!

- ive done many FSBO's buying and selling. if you are competent enough to accurately price your home and handle the negotiations, you will ask yourself why you have ever paid the big money % to a realtor afterwards.

most people dont know this but when it comes to the actual transaction, this is all done by a title company. a realtor is there to basically to help find the buyer/seller and act as a middle man instead of the buyer and seller negotiating directly with each other (the method i prefer).

call a title company and just talk to them, you would probably be amazed at what all they do and how little it actually costs to transact real estate

Chris Heeren · Answer

Thank you for taking the time to respond, this is exactly what I was looking for! I'll contact a Title company to get the process started.